By Cristal Cody
Prospect News, Nov. 27 - First Capital Realty Inc. priced an upsized C$150 million of 3.95% 10-year senior debentures in a late afternoon offering on Tuesday at 99.264 to yield 4.04%, according to the company and bond sources.
The series P debentures due Dec. 5, 2022 (Baa2/DBRS: BBB) priced at a spread of 224.87 basis points over the interpolated Government of Canada bond curve. The deal was upsized by C$50 million.
RBC Capital Markets and TD Securities Inc. were the lead managers.
The Toronto-based shopping center owner and developer will use the proceeds for development and redevelopment activities, for acquisitions, for repayment of debt and for general corporate purposes.
First Capital Realty last tapped the Canadian debt markets on July 10 with a C$50 million reopening of its 4.43% series O senior debentures due Jan. 31, 2022, which priced at 100.892 to yield 4.315%, or a spread of 265 bps over the Government of Canada benchmark.
| Issuer: | First Capital Realty Inc.
|
| Amount: | C$150 million
|
| Maturity: | Dec. 5, 2022
|
| Securities: | Senior debentures
|
| Bookrunners: | RBC Capital Markets, TD Securities Inc.
|
| Coupon: | 3.95%
|
| Price: | 99.264
|
| Yield: | 4.04%
|
| Spread: | 224.87 bps over Canadian bond curve
|
| Pricing date: | Nov. 27
|
| Settlement date: | Dec. 5
|
| Ratings: | Moody's: Baa2
|
| DBRS: BBB
|
| Distribution: | Canada
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
